CRT Market Better Able to Warn of Downturn. The credit-risk transfer market created in recent years by Fannie Mae and Freddie Mac is better poised to warn of systemic risk than the MBS market was prior to the financial crisis, according to new research by Susan Wachter of the University of Pennsylvania’s Wharton School. The Wharton professor noted that the future structure of the housing-finance market, in particular the number of issuers of government-backed MBS, may change how the CRT market functions.A multiple-guarantor model, with each offering its own CRT deals, may be less liquid than the current market with just two issuers, Wachter suggested. Fannie Hires New Communications VP. Fannie Mae has hired Duncan Burns as vice president of...